Hardman & Co Research on The International Stock Exchange (TISE):

Strong first-half performance

The International Stock Exchange (TISE) had a strong first half to 2023, with revenue +7% to £5.2m and fully diluted EPS +17% to 83p, against a backdrop of subdued financial markets. The performance demonstrated the resilience of the business with the strength of the repeating annual listing fees. Our forecasts are largely unchanged, but we have raised our valuation range: we have lowered the discount rate we apply to reflect the consistency of returns, which have proved stronger than we first anticipated.

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.